THE KOG REPORT - Update

End of day update from us here at KOG:

Following yesterday's KOG Report we were looking for price to challenge that high and then form a reversal targeting our lower levels. We got the move we wanted, but we're now experiencing that pre-event accumulation and breather after the move last week. This has made it difficult for traders to hold trades and only allowed us to trade the red boxes quite effectively in the range up and down.

Due to the ranging, we would suggest traders take it easier than usual on the markets and protect any trades they have running. We've had a decent 100pip+ capture from the high, we don't want to be risking it too much pre-event (FOMC).

Support stands here at 2580 which needs to break to target that 2565 level. Resistance above 2585 plays the range so let's await the break now. For today, we'll say job done.

As always, trade safe.

KOG